As part of the loyalty program, the Romania lender gave almost 10 million shares to its employees.

On April 29, the managing board of Banca Transilvania approved the transfer of 9.8 million shares, which equals 0.44 percent of the company’s stake, to its employees as part of a loyalty program.

The shares are worth RON 18.7m (€ 4.2m), have been repurchased for the buyback program, which was approved by the shareholders during the general meeting in April. Banca Transilvania plans on repurchasing a total of more than 17 million shares, equalling 0.91 percent of the company’s stake. The buyback is supposed to be completed within 18 months.